Daily NAPTA Update 10.4.2023

Posted by Diane Macri | Oct 04, 2023 | 0 Comments


Mall Operators Looking To Small, Local Businesses To Bring Unique Flair To Their Shopping Centers
Retail property owners have adapted to major changes in the last decade or so, incorporating new technologies, e-commerce and more. But as the market shifts keep on coming, retail owners are increasingly looking to the original retail tenant type to fill their spaces and create unique experiences. 


Owners turn to buying houseboats to avoid Connecticut's property tax
How does living on the water sound? That's becoming a viable option for many who want to avoid paying a property tax in Connecticut. Houseboats are becoming a growing trend in Connecticut. It may sound costly, but it might save you money in the long run when it comes to taxes. This idea originated in Europe and is being brought to America by John Benchimol.


Florida's Live Local Act and Important Tax Exemption Deadlines
Holland & Knight
The recently enacted Florida Senate Bill 102, which is commonly referred to as the Live Local Act (the Act), has significant land use, zoning and tax benefits. (See Holland & Knight's previous alert, "Florida's New Live Local Act Offers Land Use and Tax Benefits," Aug. 8, 2023.) Specifically, this Holland & Knight alert provides a general summary of the Act's benefits from a tax perspective and an update on key certification deadlines.


Op-Ed: Illinois' property taxes are unbearable for everyone
The Center Square
The Chicago Bears are growling for property tax relief in their quest to build a new stadium-anchored development in suburban Arlington Heights. While no one should get special treatment, the Bears have a real point about high taxes. The property taxes in Cook County are a monumental problem for businesses of all sizes, and the situation is spiraling out of control. 

Former Cook County employee admits helping businesses cheat on taxes for free golf
Chicago Sun Times
A former Cook County Assessor's employee admitted Tuesday he helped hatch a scheme that illegally lowered tax bills for certain commercial properties by more than $150,000 over three years — in exchange for two golf outings. Basilio Clausen, 51, pleaded guilty to a conspiracy charge and formally agreed to cooperate with federal prosecutors. 


Candidate for Lafayette tax assessor says he'll keep up real estate license if elected
The Advocate
A candidate for the Lafayette Parish Tax Assessor's Office said he'll remain involved in real estate ...the Advocate on Tuesday that is the approach he would take if elected. Campbell also said that he wants to be able to keep his license up to...


Signs Of Distress Growing In NYC Office Market, But ‘The Worst Is Yet To Come'
The flood of distressed office situations that capital markets experts have been predicting for the last year has been slow to materialize, but a series of cracks in the dam this month show that a wave may be incoming. The weeks since Labor Day have brought an influx of actions from keys being handed back to lenders to UCC foreclosures and credit downgrades that experts say represent a meaningful shift in the way struggling office buildings are being handled.


State comptroller backs increased property reappraisals in ‘dynamic' market
Tennessee Lookout
Tennessee Comptroller Jason Mumpower is pushing a plan to increase the frequency of county property reappraisals to more closely match market values and stop local governments from losing tax revenue. Mumpower plans to introduce a bill in 2024 to speed up the reappraisal schedule statewide after 38 counties lost anywhere from $100 million to $113 million last year in property tax collections, depending on the growth rate of property values.


Homeowners speak in favor of a new property tax system, lawmakers move to draft new bill
Wyoming News
Members of the Joint Revenue Committee moved to draft legislation during their Monday meeting that would amend the state constitution and implement an acquisition value property tax system in Wyoming. An acquisition value property tax system assesses a property at its market value from the time the property was purchased, with limited annual tax increases until the property is resold.

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